Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) announced plans to raise up to US$3 million for the TiTan tin and tantalum plant optimization.
The company has initiated a non-brokered private placement offering comprising just over 117 million shares at a price of $0.035 per share, although a statement noted the actual number of shares issued is contingent upon the foreign exchange rate of the US dollar to the Canadian dollar at the closing date.
Proceeds from the private placement will primarily fund project expenditures related to optimizing the TiTan tin and tantalum plant, along with bolstering general working capital.
Tantalex also announced the appointment of Jan-Erik Back as a senior advisor. Back, through his company Galiant Partners LLP, brings over 25 years of extensive experience in the global metals, mining, and related sectors, with a particular focus on Africa.
“Jan-Erik brings decades of knowledge and experience to our team and has proven DRC experience where our assets are located. His contribution will be invaluable to the team,” Tantalex CEO Eric Allard told investors.
In another development, Tantalex has amended its grid promissory note with major shareholder AfriMet Resources AG. The amendment extends the maturity date of the note to July 20, 2024, aligning it with the maturity date of another grid promissory note held with AfriMet.